The Great Guild Hall is one of the most distinguished public buildings of medieval Tallinn. The Gothic-style building, completed in 1410, was built on what was then the main street, and near the Town Hall.

It was commissioned by the Great Guild, the association of Hanseatic merchants. Over the centuries a variety of events have been held in the Great Guild Hall, ranging from grand parties to church services and court proceedings.

In the Middle Ages the cellar was used for storing wine, and in the 19th and 20th centuries the popular wine cellar known as Das Süsse Loch ("Sweet Hole") operated there. During the 19th century the building, then known as the Stock Exchange, was used not only for business but also as a lively arts venue.

The Great Guild Hall has housed the Estonian History Museum since 1952. In 2010–2011 the building underwent thorough restoration and refurbishing.